Page 73 - KZN Film Annual Report 2023/2024

KWAZULU-NATAL FILM COMMISSION
(Registration number M3/15/32 (834/15)) Annual Financial Statements for the year ended 31 March 2024
Audit and Risk Committee Report
We are pleased to present our report for the Annual
Financial Statements for the year ended 31 March 2024.
Audit and Risk Committee responsibility
The Audit and Risk Committee reports that it has complied with its responsibilities arising from section 77 of the PFMA and Treasury Regulation 3.1. The Audit and Risk Committee also reports that it has adopted appropriate Audit and Risk Committee charter, has regulated its affairs in compliance with this charter and has discharged all its responsibilities as contained therein.
The effectiveness of internal control
The system of internal controls applied by the entity over financial and risk management is effective, efficient and transparent. In line with the PFMA and the King IV Report on Corporate Governance Requirements, Internal Audit provides the Audit and Risk Committee and Management with assurance that the internal controls are appropriate and effective. This is achieved by means of the risk management process, as well as the identification of corrective actions suggested, enhancements to the controls and processes. From the various reports of the External Auditors, it was noted that no matters were reported that indicate any material deficiencies in the system of internal control or any deviations therefrom. Accordingly, we can report that the system of internal control over financial reporting for the period under review was efficient and effective.
The Audit and Risk Committee is satisfied with the content and quality of quarterly reports prepared and issued by the management of the entity during the year under review.
Evaluation of annual financial statements
The Audit and Risk Committee has:
• reviewed and discussed the audited annual financial
statements to be included in the report, with External
Auditors and Members of the Board;
• reviewed changes in accounting policies and practices;
• reviewed the entities compliance with legal and
regulatory provisions;and
• reviewed significant adjustments resulting from the
audit.
The Audit and Risk Committee concurs with and accepts the External Auditor’s report on the annual financial statements, and is of the opinion that the audited annual financial statements should be accepted and read together with the report of the External Auditor’s report.
Internal audit
The Audit and Risk Committee is satisfied that the Internal Audit function is operating effectively and that it has addressed the risks pertinent to the entity. Risk based audits were conducted to ensure sound internal controls were implemented during the year under review.
Auditor-General of South Africa
The Audit and Risk Committee has met with the Auditor- General of South Africa to ensure that there are no unresolved issues.
Chairperson of the Audit and Risk Committee
Date: 26 July 2024
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ANNUAL REPORT 2023/2024